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If you work for a company and get paid on a W2, they want gross income (and your pay stubs). If you are a freelancer, they want net income (income after deductions).
I suggest you read through this thread, which has a wealth of information and will help answer any questions. Renovations have been discussed in detail. As far as we can tell, all the lottery apartments have been renovated so far.
Also Google Marketing Handbook HPD and download that. That is the bible of this process. Best of luck!
I have lottery number 6367. I received notification on June 15, and responded within a few days with all the requested paperwork, but have yet to hear back (aside from the confirmation email from ServicePRO).
I made it clear in my email that I was looking for a 1-bedroom. Is there any information as to how they arrive at the rent that you will pay? I am getting ready to retire and thus my income 12 months from now is likely to be significantly lower than it is today. Are the prices for the respective apartments just the prices - or is their some kind of formula used based on income?
Also, are the Peter Cooper apartments included in this lottery?
I have lottery number 6367. I received notification on June 15, and responded within a few days with all the requested paperwork, but have yet to hear back (aside from the confirmation email from ServicePRO).
I made it clear in my email that I was looking for a 1-bedroom. Is there any information as to how they arrive at the rent that you will pay? I am getting ready to retire and thus my income 12 months from now is likely to be significantly lower than it is today. Are the prices for the respective apartments just the prices - or is their some kind of formula used based on income?
Also, are the Peter Cooper apartments included in this lottery?
I will answer this and I know other people will answer too. Earlier in these threads people have said the rents are determined by the assigned apartment's location- not the individual's income/financial situation.
Secondly, yes Peter Cooper apartments are included in the lottery. That is what I'm hoping for also- but I think there are far fewer of them and some may have already been given out earlier on in the lottery.
Stuy Town has always been an odd lottery. Usually, an exact rent is given for each size apartment, for each income bracket. Instead, Stuy Town has a large range for each size apartment. Also, the one bracket, 165%, has an unusually large range, with a low point much lower than usual.
In addition, rather than match up the applicant's income with the rent, Stuy Town has said that applicants get the next available apartment. That means that in a couple of cases in this thread, a person at the lower end of the bracket (which is unusually low) was assigned to an apartment that was really more than the applicant could afford. That person was considering approaching HPD with a complaint. I don't know if that happened or not.
I'm hoping Stuy Town has seen the error of its ways since then and is using some sense when assigning people to available units, just out of fairness.
In your case, it's probably best to consider you might get something at the top of the range, and hope that that doesn't happen. You're in a tricky spot, a year before retiring. But it's better you get the apartment now, because after you stop working, you'll find it hard to get anyone to rent to you without a steady income.
If your retirement income is below $50,000 a year for the household, you would be eligible for SCRIE (assuming you've over 65; 62 if disabled). That won't reduce your rent, but at least it would prevent any further increases. Best of luck!
Received an email yesterday for "reprocessing application". Original application 4/27/21, various email exchanges with hold, and now ready for reprocessing. Also one bedroom. Log number in 1600's
A few questions...are they wanting gross or net income? Also, anyone know if these apartments are all renovated?
Very excited as well!
Rose
Hello-would you ind sharing the re-processing email please if you can hide your personal info etc...
I am curious to know exactly what is being asked during re-processing. Thanks and best of luck
Hello all,
I just spoke with a gentleman in the office and he said 2 bedrooms are going to be processed around July 25. I asked how they calculate the rent and he said they calculate based on your income (35% of your net income for rent). The max for a 2 bed is $2600 so the specialist will try to find a unit that matches your income. He said they would try to do their best to find an affordable unit.
Hello all,
I just spoke with a gentleman in the office and he said 2 bedrooms are going to be processed around July 25. I asked how they calculate the rent and he said they calculate based on your income (35% of your net income for rent). The max for a 2 bed is $2600 so the specialist will try to find a unit that matches your income. He said they would try to do their best to find an affordable unit.
Do you know if yours will be in the batch to be reprocessed? Or do you have any indication of how many 2 bedrooms will be available? Thanks
Do you know if yours will be in the batch to be reprocessed? Or do you have any indication of how many 2 bedrooms will be available? Thanks
He asked me my log number (34xx) and he said I am on this batch. He doesn't how many apartments are available. I am still super skeptical about getting an offer this summer.
He asked me my log number (34xx) and he said I am on this batch. He doesn't how many apartments are available. I am still super skeptical about getting an offer this summer.
Who knows, maybe he is right. When I last spoke to ms Pryce at the beginning of June, she was adamant that I would get an apt in July-august. My log is #29XX. So hopefully we are on the same batch!
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